US President Donald Trump announced a two-week ceasefire with Iran on Tuesday, just hours before demanding Tehran reopen the Strait of Hormuz or face military strikes on civilian targets.
The deal requires Iran to halt its blockade of oil and gas shipments through the strait, which carries about 20% of global crude.
"This will be a double sided CEASEFIRE!" Trump declared on Truth Social. "We have already met and exceeded all military objectives..."
He claimed Iran submitted a 10-point proposal seen as a foundation for long-term peace in the region.
The move marks another retreat from earlier threats that warned of devastating consequences if Iran did not comply.